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  • collegepete 12:02 pm on May 3, 2013 Permalink | Reply
    Tags: , College Acceptances, College Admissions, , ,   

    College Acceptance Results – Class of 2017 

    OK, you’re probably as anxious to skip ahead to the ‘good stuff’ (the acceptances) as I am to share them with you.  Not gonna lie – it was a record-breaking year for our students in what was a very tough admissions and funding season for many.  They and their families deserve our congratulations!  But before I get to the stats, I wanted to take a minute to clarify something.  

    I know that in my articles, on my blog and in my classes I hammer the concept of ‘early planning’ to yield the best  results (see below), but it has been brought to my attention that the concept of early planning for college can mean very different things to different people.  Some families, for example, hear me say early college plan, and they purchase ‘FL pre-paid’, and then pray that their kids will get accepted to and want to attend a Florida public university and  qualify for a ’Bright Futures’ scholarship.  To be clear, this is not what I mean when I discuss planning.  It works for some, but… to me, this is hope – not a strategy — and quite frankly, given the current college landscape, false-hope at that. Not only will a FL pre-paid program only cover a fraction of the total cost of attendance (about $4000 towards a $20,000 nut per year), but Bright Futures’ future as a need-blind ‘merit’ entitlement is not so bright.  (I’ve written extensively about both so I won’t belabor either point here – you can  read more about my opinion about the Future of Bright Futures).  

    What I do mean when I discuss proper and strategic planning is this:

    1. Never assume that you have to pay full sticker price at any college.   So, don’t reflexively rule out colleges based on the price on their brochure.  Dig deeper to determine which colleges have the ability and willingness to offer your student a discount, which colleges graduate their students in 4 not 6 years, and develop a plan that integrates your student’s academic prospects and career aspirations, his/her ability to demonstrate value and a school’s ability and willingness to reward said value.   Remember, your neighbor is not a college expert and does not have a true view into what needs or leverage you may or may not have.

    2. Look at your need-based aid opportunities and take the related steps to maximize those opportunities (allocate your assets properly and choose schools with money to give).

    3. Look at your merit-based opportunities and take steps to position your student to target and gain acceptance to those schools that will financially incent your student to attend. Don’t overlook the value of test prep (SAT and ACT).  Consider, for example, that some schools, like Tulane, value scores so much that they’re willing to pay you for them – literally.  There are others out there with similar sensibilities… and still other schools who won’t consider test scores at all — unless they’re above the school’s average — then they may give you a huge admissions advantage – even for marginal classroom performance.  You need to understand these nuances while developing your strategy because they can be significant difference-makers.
     
    4. Look at your family situation and understand how the tax code and the Dept of Education financial aid regulations may intersect and/or be at cross purposes.  For example, small business owners will find loopholes in the Fin Aid regs that might be considered tax landmines (and vice versa), same-sex parents are recognized in finaid regulations (new) but may be treated differently by the tax code, same for separated and divorced households. There are quite literally thousands of pages of federal regulations that govern financial aid — and as is the case in any regulated program — these regs are confusing and rife with opportunity AND challenge.  No two families are alike and it behooves you to seek an expert opinion on yours.

    As for the ‘early or advanced’ planning I speak of…ideally you’d start when your children are born… but as conditions change, you would revisit your plan to make sure it still makes sense.  The ‘fixadent and forget it’ method of old is not sound when it comes to a college plan.  I’ve counseled far too many families in recent years who woke up to a depleted 529 plan just when they needed it most.  Regardless, you should begin the heavy lifting on your college funding plan at the same time your child begins the heavy lifting on their academic pursuits – prior to 11th grade…  and certainly prior to 12th grade when the applications are due.    But  I work with families in all stages of the process…and what you see below reflects their efforts regardless of when they found me.  I do not get kids into college, nor do I ‘package them’ to get them a discount.  They earn their own admission into college —  and their parents take the proper steps with them to make sure their efforts are affordable… I just ‘coach em up’ and provide them with the right information, training and guidance to make informed choices and to facilitate the process.  

    So, without further ado – here is a list of the acceptances for the College Pete Class of 2017! Congrats to all!

    Please note that some of these acceptances reflect more than one acceptance per student — a student, for example, who got into NYU might have also been accepted at UF and USC.  Also, I am still compiling the financial data — early returns are that the scholarship and grant offers exceeded $1.5 million (exclusive of Bright Futures and other FL state merit incentives), with approximately $30,000 average per offer.  I will make those numbers available and share my notes from the funding trenches next week.  

    (Two schools worth mentioning, on opposite sides of the spectrum: Cal Tech was a true gem this year, with admissions and generous aid packages that were fair and attractive to students from both Miami-Dade and Broward.  This is a terrific option for aspiring engineers.  University of Virginia, on the other hand, was quite a disappointment.  Despite a reputation of generosity for a state university, they didn’t deliver when it mattered most, by stiffing a top Miami-Dade student despite his exemplary academic and athletic record and his mother’s demonstrated need.  Instead it looks like Wash U will be getting a great kid, and they delivered with a very fair aid package!) 

    Finally,  I am holding two, free college planning workshops this month — the last two of the school year.  If you have a child in or entering high school, and you’re ready to learn more about giving your child a better chance at gaining acceptance to a dream school that you will be able to afford, you should come to one of them.  Click here to learn more and to reserve your seat.

    College Pete Congratulates the Class of 2017!  Well done you!

    American University
    Boston College
    Boston University
    Brandeis
    Brown University
    Cal Tech
    Case Western Reserve
    Catholic University of America
    Colorado State 
    Columbia
    Cornell
    Duke University
    Eastman School of Music at Univ. of Rochester
    Emerson College
    Emory University
    FAU
    FIU
    FL Institute of Technology
    FSU
    GA Tech
    George Washington Univ.
    Georgetown
    Harvard University
    Harvey Mudd College
    High Point University
    Indiana University
    Ithaca College
    Johns Hopkins University
    Loyola – Maryland
    Loyola – New Orleans
    Marist College
    Maryland Institute College of Art
    NC State
    New College
    NYU
    Pratt Institute
    Rhode Island School of Design
    Rollins College
    Seton Hall
    Stetson
    SUNY Stonybrook
    Syracuse University
    Temple University
    Tufts
    Tulane
    UCF
    UCLA
    UF
    UM
    UNC – Chapel Hill
    University of Pennsylvania – Wharton School of Business 
    Union College
    University of Chicago
    University of Michigan
    University of Richmond
    University of Southern California
    University of Tampa
    University of Virginia
    University of Wisconsin
    Vanderbilt University
    Washington University in St. Louis
    Wellesley College
    West Texas A&M
    Williams College
     

    Click here to see admissions for College Pete’s Class of 2016.

     

  • collegepete 4:47 pm on February 27, 2013 Permalink | Reply
    Tags: College Admissions, , , , ,   

    Buying and Selling in Today’s Bilion Dollar College Market 

    As the ‘thick envelopes’ begin to pour in, Decision Day looms large for our 2013 seniors.   Between now and May 1st (when deposits are due),  multiple offers will be weighed, appealed, and then weighed again.  The good news – at least from the early returns I’ve seen –when the dust settles, the vast majority of our students will have been admitted to and received considerable financial inducement to attend one of their top choices.  But this doesn’t happen by accident.  

    College is business. Big business. There is a college market with millions of truly precious buyers and sellers and literally billions at stake.  At its most basic level, it works like this:  just before 11th grade, when the heavy academic lifting begins for your student in earnest, you are the buyer.  The colleges are selling – hence the mounds of  literature with bucolic landscapes and shiny, eager faces of every race and ethnicity arriving daily in your mailbox.  Sales pieces.   This blissfull period lasts until about June of 11th grade, when the tables turn abruptly, and for a brief, but very stressful few months, you (or more specifically, your child) becomes the seller.  His sales piece:  the college application.   Yours: the FAFSA and/or CSS Profile.  

    And then — around now, mid-February — the tables turn once again.   An offer is made in the form of an acceptance letter.  If your student has chosen the right institutions, demonstrated sufficient interest, value and/or need to them, her letter should contain additional inducements (in the form of tuition discounts – scholarships, grants, etc.) to entice you.  You, as the buyer once again, have the opportunity to review this offer and, contrary to what many believe, you can do one of three things with it.  Accept. Reject. Or Appeal (which is more commonly known outside of academia as negotiate, and the nuances of which I will be discussing in next week’s article and at my NSU workshop on the 27th).  

    That’s the simple explanation of how this market works. Sometimes you’re the buyer with all the leverage… and sometimes you’re selling.  Knowing when, how and at what price to buy and sell can make all the difference.  Because in reality,  shopping for college — which includes not just where you get in, but what price you’ll pay–is still a very ‘personal’ process, managed by real people on both ends who are moved by emotion and subtleties that are not reflected in scores, GPA class rank, or even family finances.  What separates two seemingly identical students on paper (and the subsequent offers each is given) are often intangibles like the student’s demonstrated interest in a school, expressed career aspirations, potential contributions on campus, their ability to move the needle on the school’s competitiveness, etc.   

    If your goal is to ‘buy’ a great educational fit for your child at the lowest price point available, and theirs is to accept a great student for their class, sold at the highest price point possible, you have to time this market right.   When, you ask?  How about when your child is in utero?   Ok, I kid (it’s Friday).  In truth, I like to start working with families when the oldest child is in the second semester of 10th grade.   This allows us enough time to develop an admissions strategy that aligns the student’s academic needs, abilities and interests, career aspirations and co-curricular experiences… with a family’s financial objectives and needs.  
     
    This year, nearly every competitive college saw an uptick in applicants.  In a crowded field, the importance of niche positioning cannot be underestimated.    What I mean is that instead of defensively submitting more applications to ‘cover your bases’, even if  technology makes it enticing to do so,  it’s far more efficient for your student to build a targeted list of 8-10 schools that you know in advance will consider your demonstrated financial need, find value in your student (be it academically, socially or even geographically), and meet your student’s academic and social desires… and then focus your family’s energies on demonstrating those things to those schools.   (And the time to do this is before your student falls in love with one of the shiny faces on the brochures in your mailbox).

    Parting thoughts:

    • Go for depth over breadth in selecting schools to target
    • Look beyond the obvious to identify great schools where you’ll be able to leverage your student’s strengths (note: did you know that geographic diversity, academic pursuit and even gender can be a source of value at the right schools?)
    • Have an integrated admissions strategy that is driven by both the scholarly and the financial by the time your student is in 11th grade.  

    If your child is in high school and you’re not sure where to start, I suggest you come to one of my free classes.  I’m teaching one at Nova Southeastern University on Feb 27th.  I’ll be discussing the whole process, and I’ll be handing out a list of 60-odd schools that claim to meet 100% of demonstrated need.  I’ll also give a few honorable mentions to schools whose generosity has surpassed my expectations this year.

    To be clear, there is no charge to attend the workshop next week.  However, if you don’t go, it could cost you and your family thousands in lost financial assistance.  The time to take action is NOW, and not when your child is in 12th grade and it could be too late.  Click here to register.

    Best,
    Peter

    P.S. Please feel free to forward this post to a friend, neighbor or family member with college-bound high school students.  They’ll thank you for it.

     

     

  • collegepete 11:35 am on December 20, 2012 Permalink | Reply
    Tags: , , College Admissions, , , , , , , , Pell Grants, , , , ,   

    The Best College Advice of the Year! 

    It’s been an exciting year at College Funding Specialists, and we are grateful to you, our subscribers, for tuning in each week as we share with you college planning insights and advice from the ‘trenches’.

    As the holiday season approaches, we want to inspire you with some of the most popular posts from our blog, according to your feedback.  

    We wish you and yours a Happy Everything this season and a New Year filled with peace and prosperity for all.

    Best,
    ‘College’ Pete and Jill

    P.S. Don’t forget: The FAFSA (Free Application for Federal Student Aid) goes live on Jan 1! All 12th grade parents should plan to complete and submit this application by February 1. Should you have any related questions during the coming weeks, please contact our office. Though we will be working a reduced schedule throughout the season, we will be checking phone messages and email regularly.

    P.P.S. Click here to see our January 2013 classes and to register for an upcoming college funding workshop in your area. If you are the parent of an 10th or 11th grader, you don’t want to miss this and you don’t want to put this off.

     

    • education 2:34 am on February 25, 2013 Permalink | Reply

      Man, you definitely did your research on this one!

      I have never ever thought of some of that before.

      Good!

  • collegepete 11:32 am on October 9, 2012 Permalink | Reply
    Tags: College Admissions, , college fairs, , ,   

    Why October is the Best Time To Make A College Connection! 

    I love October! The Fall Classic. The start of stone crab season. The first crisp morning (theoretically, at least). And the endless virtual pile of the ‘almost perfect’ college applications that I am privileged to review every morning and evening as my students find their voices, dot i’s, cross t’s and eventually press ‘submit.’

    October is one of the busiest and most exciting months in the college process. In my practice, we’re seeing our first ‘thick envelopes’ with the coveted ‘yes, we’d love to have you here’ messages begin to roll in. The CSS Profile (the onerous supplemental financial aid application used by many private universities) has gone live — and we’re putting the final touches on our families’ financial plans to assure that we have no Spring surprises. And it’s the first ‘best chance’ for some of your children to make a college connection. And for others, their last.

    In the coming weeks, admissions counselors from around the country will invade South Florida, attending various high school college fairs and then culminating on November 1 at the Broward County Convention Center. This free event will feature over 200 colleges and universities from across the nation, and most representatives will be the actual admissions officers who will be reading your student’s application.

    You and your student should attend a college fair … even if your child is only in 10th grade and especially if s/he’s in 11th or 12th. Here’s why.

    In this incredible age of information where your child is but one click away from filing multiple college applications, the fact remains that the admissions ‘experts’ actually doing the selecting for these said colleges are humans and therefore are capable of making human-like, emotional decisions. Your student enjoys a great advantage if she has an opportunity to actually meet face-to-face with one of these human experts. (Most of the representatives in attendance will actually be reading your child’s application for the first pass). Each application receives about 20 minutes of attention per read, so you see, when an admissions officer can connect the applicant’s name to a face and a voice, it brings depth and dimension to the candidate. I have personally witnessed times where personal contact has converted a borderline candidate to a front-runner and/or a front-runner with a poor financial aid offer to a recipient of an ‘institutional grant’ at the 11th hour.

    Now on the flip side: Much is written about how competitive it is to get into college today; but the fact is that competition among schools for good students can be just as fierce. The college fair is your student’s opportunity to be recruited and wooed. The fact is that students cannot visit every college — especially our students who are geographically challenged in that regard. Local college fairs allow students to meet, shake hands, and converse with admissions officers and trusted alumni, as well as the opportunity to gather information and learn about different educational opportunities.

    So, what should you do at the Fair? Admissions officers LOVE to meet students who are engaging, asking questions, and inquring about their school. Here’s what I tell my clients about attending a college fair:

    1. Students should take initiative, allowing (helicopter) parents to play wing man at best.
    2. Have a good attitude – greet people with a smile, a firm hand shake, and with tempered enthusiasm.
    3. If you see a school you haven’t heard of, don’t be afraid to approach and inquire further. This may be your diamond in the rough.
    4. Be conversational and welcoming. Often these folks are in from out of town. Make them feel welcome by engaging them in conversation about anything that might make them feel comfortable.
    5. You should have at least a general idea of your favorite academic subjects so that you can inquire about specific majors of study. Make sure the school offers what you desire academically (regardless of their success on the gridiron or hardwood).
    6. Get business cards and send brief, follow up notes (email or letter) to those admissions officers who represent schools where you have interest.

    Above all, remember that the admissions process involves people making decisions about other people. In an admissions process that has become increasingly competitive, technology-driven and financially motivated, you DON’T want the admissions committee to first find out about your student when his application arrives at their office. Admissions officers face pressure, they have goals to meet, they compete with other schools, they can be moody, they face disappointment, many are away from home a lot of the time and they just want to be loved. So if you want to improve your chances of receiving that Thick Envelope some day (with a great financial offer to boot), go out there this month and show them some love!

    Best,
    Peter

    P.S. While personal contact is important, your students’ grades and course selection in school remain the most important determinant of their admissions chances (by a large margin). But when everyone your child is competing with share similar grades and scores, personal relationships can certainly tip the balance in their favor.

    P.P.S. October is where it all comes together. Where admissions and funding intersect to create the ultimate college plan. If you have a 10th or 11th grader, it’s time to canvass the college landscape. To learn more about how this whole ‘college thing’ works today… and more importantly, how you can make it work for you, you can also attend one of my free Fall lectures. You can learn more and register on my website: http://www.CollegePlanningAdvice.com and clicking on the ‘Live Events’ tab to access the registration page.

    P.P.P.S Forward this to a friend with high school kids. They’ll thank you for it!

     

  • collegepete 9:40 am on September 5, 2012 Permalink | Reply
    Tags: College Admissions, , ,   

    Price Elasticity, Tuition Discounts, and College Admissions 

    Any parent trying to decipher the new rules of college pricing should check out Jon Marcus’ recent article about tuition subsidies. College is a business — how they set and then discount prices is deliberate and strategic — and it is intended to accomplish two things: 1) to build the most impressive ‘class’ and 2) to meet a pre-set net tuition objective for that class. The business office is far more concerned with tuition revenue as an aggregrate; and less concerned with what each individual student is paying. And therein lie the potential landmines (e.g., need-aware admissions practices that may disadvantage a pre-paid, in-state student) and the opportunities (as in the proclivity of schools to use ‘discounts’ to incent desirable students – applicants who will ’round out’ their class).

    Notice the intersect of admissions, price and what you’ll actually pay for your kid’s college education. Sticker price is merely an opening bid, a relative amount that is often higher (sometimes much higher) than most students will wind up paying. The College Board estimates that more than 80% of incoming freshmen will actually pay less than the full sticker price for their education. The difference is made up by the 20% of students who subsidize the cost for everyone else.

    Out-of-state students at public universities are one example. The Marcus article centers around a Washington State resident who is a sophomore at a California public university — she pays more than 2-1/2 times the tuition most of her in-state classmates pay (for the same education). By the way, that’s why I always caution families that an out-of-state public university might be the most expensive option for your student. This should not surprise you. It’s no secret that public universities aggressively recruit out-of-state students and quietly covet international students – it’s the most oft-whispered explanation for the hyper (and unwarranted) competitiveness among in-state applicants at our own public universities! Out of state and international students often pay full price in today’s dollars. Most in-state students don’t. Makes sense (from a business perspective) to fill as many spots with full-price students as they can — without hurting the prestige of the class (that’s the academic perspective). It’s a balance. Once a school has met its aggregate revenue targets with full-paying students, they can be more aggressive about using financial incentives (financial aid and merit scholarships) to entice those students whom they really want (academically, artistically, geographically, gender specific, athletically,etc.).

    Clearly today’s college process is different than it was — not better, not worse, just different. More complex. Adapting your admissions and funding strategy to today’s rules will assure that you avoid the landmines and leverage the opportunities of the new reality. In the old days, funding was only considered AFTER the acceptance letter arrived. Today that’s the absolute wrong thing to do. Today, a good admissions strategy is one that identifies schools where your child will have a good academic experience, become prepared for her future, and will be affordable. Knowing which schools will likely be generous to you BEFORE your child applies (or if price is not an object, which schools will find favor with you), will make for a much less stressful fall and a far more enjoyable spring!

    Now, if, despite my best efforts to convince you otherwise, you still don’t believe that college is big business and that the ‘college process’ has dramatically changed since you applied, the article I referenced earlier should do the trick. And if you’re already on board with that, then the Marcus article might be helpful in assessing where your child’s admissions prospects and your savings opportunities cross paths (the perfect college storm, so to speak).

    These are the kinds of trends that I talk about in my public workshops and the kinds of strategies that I use to help my clients find, prepare for, gain admissions to and pay less out of pocket for college. If you’re the parent of a high school 10th or 11th grader (in particular) it’s important that you understand these nuances before your child falls in love with the ‘wrong’ school. And if you’re the parent of a 12th grader with applications due soon, you have just a few weeks left to ensure that you will be able to afford the schools on your child’s list. I’m holding two workshops in September — They’re free to attend, but your registration is highly recommended at this time of the year.

    Some of the topics I’ll be covering include:

    • The biggest mistake parents make with FL Prepaid and other 529 plans
    • The crucial questions parents should ask of every school on a student’s college list
    • How a ‘pricey’ private college can cost less than a state school, even considering Bright Futures and FL Prepaid
    • Why it’s taking, on average, 5+ years to graduate from college today and how to buck this trend
    • How to compile a list of schools that maximize chances at both admissions and financial aid
    • More!

    You can register from my website – CollegePlanningAdvice.com. Hope to see you there!

    Best,
    Peter

     

  • collegepete 5:43 pm on August 7, 2012 Permalink | Reply
    Tags: Col, College Admissions, , , , Merit Scholarships, Rolling Admissions   

    In College Planning, Taking Action Early Will Pay Dividends; But ‘Applying Early’ May Not! 

    The hot summer months tend to lull many families into believing that they have plenty of time when it comes to college, regardless of where they are in the process. 

    They don’t.  

     The college process today is  ‘mind-numbingly complex’ (the Wall Street Journal’s words, not mine)  and competitive; and even the most proactive planner will find that weighing all of the options, navigating through all of the misinformation, avoiding traps, understanding new rules, and making good decisions will take up way more of their time than they thought, at best; and can be very costly and even irreversible, at worst. 

    As college costs continue to spiral out of control, planning early (as in during the first half of your child’s 11th grade year, at the latest) is undoubtedly the best way to stack the odds in your family’s favor.  Financial aid is widely available, but the rules are complicated and most families leave thousands on the table because they don’t understand the nuances of those rules.  By breaking down the process and learning the rules of the game before your child falls in love with a school, middle class families can save themselves thousands off a 4 year education.  But this does not happen automatically.  For most families, regardless of income, there are a number of legal and ethical strategies to reduce the amount of money you will be expected to pay for college. But as with most things, the earlier you start, the more strategies you will have at your disposal.

    That said,  the ‘application season’ has now officially begun (the Common Application went live on August 1st), and one of the questions I get asked a lot is whether APPLYING EARLY offers the same universal benefits as PLANNING EARLY.

     My answer is yes… and no. Annoying, yes; but It really does depend on your situation.  So what follows is my explanation of some of the types and considerations of applying early to college. 

    The first, and the most restrictive, is Early Decision.  It’s binding.  If you are accepted under an Early Decision plan, then you are contractually obligated to enroll.  The student, the parents, and the school guidance counselor all sign the Early Decision Agreement.  So, the only time I recommend Early Decision is if you are absolutely sure that this is THE school for you (which means you’ve visited it while in session), AND if you are sure you can meet your Expected Family Contribution without going into debt!  If you meet these two conditions, then Early Decision does potentially offer you an admissions advantage at some schools.  And if you get accepted, you are done by the middle of December, so there’s an early sense of relief.  But my general position for most families is, “Avoid Early Decision”.  I’d much rather that you have multiple admissions AND financial aid offers.  Since you have to commit to them before THEY have to offer you money, Early Decision is a great recruiting tool for the universities — not only does it ensure that they fill their class with the most motivated students, it also ensures that they do so at the highest price point possible.

    Now unlike Early Decision, Early Action plans are non-binding.  Under Early Action, you will still have to submit your application and sometimes your financial aid forms early (usually by November 1st), and you may only be allowed to apply Early Action to one school (as in single-choice or Restricted Early Action).  Like Early Decision, you will be notified about acceptance by mid-December, but you can still apply Regular Decision to other schools before you have to accept or decline the Early Action offer. I actually like Early Action; it literally forces you to get your stuff done, you guessed it, early!   In fact, one thing I drill into all my students’ heads is to be early on ALL their applications… whether the college has a formal program or not.   Many school’s have rolling and priority deadlines:UCF is rolling, FSU’s first deadline is Oct 15th, UF’s Nov 1.    As I often explain to my students, you should prepare to complete all applications by Thanksgiving at the latest - not only do you avoid last minute snafus with technology, vacations and illness; you’ll also get the admissions officers while they’re still relatively fresh, or before they get burned out by the December 31 onslaught.

    If you are a rising 12th grader, I hope this gives you something to think about as you enjoy the last couple of days of summer.  If you’re the parent of one, keep in mind that it’s important that you’re early as well.  The CSS Profile (the financial aid application used by many private institutions) will become available on October 1.  The FAFSA (which is required by every school and even for Florida’s Bright Futures Award) opens on Jan 1.  Many awards are given on a first-come, first-served basis, and some schools like Drexel will award you just for filing early.  At the latest, you want to submit your financial aid applications on or by each school’s priority deadline (usually Feb 1). AND, If you want to get a fair offer, or the maximum you deserve, you must have all of your ‘financial ducks in a row’ BEFORE you submit your application.  It is estimated that as many as 90% of applicants are under-awarded and a full 43% of folks left money on the table last year.  Don’t let this be you. 

    And finally, a note to all parents with college-bound students:  You are literally ‘on the clock’.  Most of the scholarship and grant offers your child will receive will be based on your income from January of your child’s 11th grade year to December of 12th grade.  It’s worth noting that schools are increasingly looking back even further and inquiring about your finances from sophomore year as well.  It is imperative that you start (and ideally, complete) your college funding strategy BEFORE the end of the year that your child is in 11th grade.  A simple mistake in how you handle your finances in your ‘look-back’ years can easily cost you thousands in lost financial aid down the road.    Soon enough, if it hasn’t already started, you’re going to be inundated with college literature.  Before either your child or you fall in love with a school, you need to take control of the process and understand how colleges set and discount prices, how financial aid works and how to compile a realistic list of schools that will meet your child’s academic and social needs, and your family’s budget.

    If you want to learn whether you are properly positioned to qualify for the maximum amount of grant (not loan) aid and what the application process entails, you should consider attending one of my free workshops. I’m holding two this month.  This is your chance to learn how to avoid the mistakes that plague 90% of financial aid applicants before you need to file your own application.

    During the class I’ll cover:
    •     What to do if your 529 is not enough
    •     Why Bright Futures (the state’s merit scholarship program), as well as many other non-need based merit programs, are now requiring ALL applicants to file a FAFSA (Free Application for Student Aid) regardless of whether you expect any financial aid.
    •     The biggest mistake parents make with FL Prepaid Plans
    •     The critical questions you must ask of every school on your student’s list
    •     Why it’s taking longer than 4 years to complete college, and how to buck this trend
    •     How a pricey private college can cost less than a cheaper state university (even with FL Prepaid and Bright Futures)
    •     More!

    Registration is recommended so that we can confirm your seat and ensure you receive reading materials.  If you are a high school parent, you don’t want to miss out on this information.  It’s free to attend, but ignoring this message can end up costing you thousands of dollars.

    If your student is working hard to earn a spot at a top college, then let me help you do your part to figure out how to pay the bill.  I look forward to seeing you later this month.

    Best,
    Peter

    P.S. Do you know what this year’s asset allowance will be?  Do you currently have money saved in your child’s name?  Are you planning on putting money into (or taking money out of) your retirement plan this year?  Do you know how much your pre-paid plan is worth?  If you’re not sure what the answer should be to any any of these questions, you really should come to my class.

    P.P.S. Once again, the website to register is http://www.LearnCollegeFunding.com!

    P.P.P.S. Feel free to forward this blog to someone you know who is a parent of high school students

     

  • collegepete 9:58 am on July 23, 2012 Permalink | Reply
    Tags: College Admissions,   

    Who’s Paying For All Those Beautiful New Buildings We Saw? 

    I was quite literally BLOWN AWAY by Tufts’ Campus. So was Jill.  When we were students there (20 million years ago), the performing arts ‘complex’ included one small auditorium (that doubled as our Classics and art history classroom) and a ‘dance studio’ fashioned from a curtain that divided the ‘gym’,  that consisted pretty much of one nasty mat and a parque floor with a weight bench and a stationary bicycle.  Ok, maybe I’m exagerating a little, but the truth is that in the time since we graduated, Tufts has:

    - added a state-of-the-art language center;
    - built not one, but two new dorms (green, no less);
    - has redone the library TWICE;
    - has completely redesigned the ‘athletic’ facilities – which are now much nicer than my tennis club;
    - has added TWO admissions centers (a welcoming center and an administrative office complex);
    - redone both of the main dining halls;
    - added a legitimate performing arts AND a fine arts centers with multiple theaters, studios and galleries;  
    - and more was on the way (new construction can be spotted throughout campus).

    It looks great; it shows great on the tour — and as an alum – I’m proud.  Really and truly. Hard not to be.  BUT as a higher ed consultant, it also explains a lot: like the barrage of dinner time calls from Tufts Telefund, seeking our annual gift (more than annually, for one thing;  and for another, the dramatic rise in college tuition everywhere.  In 2003, only two colleges charged more than $40,000 per year for tuition; by 2009, 224 were above that mark!  To be fair, Tufts is definitely not the only school we saw, nor the only one we recommend, that has spent the past couple of decades (particularly the last decade) on a building (read: spending) spree. According to an Op-Ed published in the NY Times last month, the debt taken on by colleges has risen a whopping 88% since 2001, to $307 billion!  Seems like students are not the only ones taking on too much debt.  

    So, what does this mean for you?  Well, for starters: if they build it, they need you to come and pay for it.     A point confirmed by Denny Paredes, Tufts Associate Director of Admissions and South Florida reader, who confided that the former President of the school would often visit him in the admissions office, and when the Arts Complex was completed, he told him this, “I have my arts facility, now fill it for me”.  This is a clear example of what we call a unique hook or an extraordinary contribution that can be leveraged to create an advantage for an applicant.  

    The point I’m making is that the college admissions process is not a one-way street. The competition for students is fierce, as fierce in many cases as the competition among students to stand out.  Most students possess more potential ‘value’ to a school than they realize.  If your student  learns how to identify, develop and to present his unique ‘value’ properly, he will improve his chances of acceptance and yours of paying wholesale for it.  Trust me, if a college wants/needs your child bad enough, and has money to give, they are more apt to make it affordable for you to choose them.     

    One other point I’d like to make here:  While I recognize that families face different budgetary constraints, and that in today’s information-rich world, there are many different avenues for gathering data about a college, there is often no substitute for a visit.  Not only does it give you the flavor of a campus and let your student make a personal connection, it can help you ferret out potential sources of leverage you can use later. Having said that, when you visit can most definitely influence your perception — which is why we always recommend that you try to take your campus tours when school is in session.  We felt this particularly strongly at Brandeis, which was the last stop on our tour, and I’ll explain why in my next article.  

    And now, after a week in Boston visiting colleges, it’s time for some R&R.  In fact, I’m writing this from an undisclosed Massachusetts location, resting, relaxing, and recharging – anticipating a busy admissions season in the year ahead.  I’m back in the office next week and ready to share all of the information that we garnered on the road at my workshop on Tuesday, July 24th in Miami.  If you have a college-bound student at home, it’s time to start the conversation.  Join us in Miami to learn how to approach the college process with an integrated funding and admissions strategy that will help you give your child the type of education they want, at a discounted price you can afford.

    Dedicated to Making Your Child’s College Dreams AFFORDABLE,

    Peter

    p.s. Before Tufts, we were at Boston College in Chestnut Hill and Union College in Schenectady, NY.  To review our meeting at Union, click here; for Boston College, check out this link.

     

  • collegepete 1:04 pm on July 13, 2012 Permalink | Reply
    Tags: College Admissions, ,   

    Boston – The Greatest College Town in the World 

    ROAD TRIP! Second Stop – The City of Boston, the Greatest College Town of Them All

    Tuesday was a travel day — from Schenectady to Boston – which is two hours by car if Jill’s driving, or about 2-1/2 hours for everyone else. Boston is truly the standard by which all other college towns are to be measured. And though I’m admittedly a tad biased (city of my birth, my own college town and where I met my wife), it’s hard to debate the city’s collegiate creds. During the school year you’ll find yourself surrounded by more than 250,000 students from dozens of schools, living, studying and hanging out in this historic, dynamic and cosmopolitan city. It is almost impossible to get bored in Boston, and if you are a college student, you will feel right in your element. And if you’re the parent of one, you’ll be in yours as well.

    During our stay we visited extensively with three colleges — Boston College, Brandeis University and Tufts University. All three are located within a few miles of the ‘city’ in bucolic, suburban settings.

    First up was Boston College. BC is beautiful and brimming with activity, and the Admissions office was jammed packed with visitors all day long, and from all over the country. Summertime construction can be seen and heard throughout the campus, which is a gorgeous collection of gothic buildings, colorful stained glass, scenic quads with lush, grassy fields, and state-of-the-art athletic facilities, all within 15 minutes from downtown Boston. Our first assumption, which was confirmed in our meeting with Sr. Asst. Director of Admissions Danielle Wells, is that there is no geographical advantage in applying to BC as there might be at Union College. BC is equally competitive from everywhere.

    BC is among the more popular collegiate destinations combining reputable academics with nationally recognized athletics. Our hosts were quite proud of their recent NCAA Division I Frozen Four Championship, their 3rd in the past five years. If you’re not a hockey fan as an entering freshman, you will be by the time the season begins late in the fall term. Athletics remain an important part of the BC campus culture, either as spectator or participant (50% of BC students participate in either intramural or club sports).

    While BC is a proud Jesuit institution, being Catholic is certainly not a requirement for admission and people of all faiths are welcome there. Case in point: we met with Alan Lipchin, a Jewish student who is also a tour guide, who gave us great insight on what it’s like being Jewish on a predominantly Catholic campus. BC has a thriving Hillel, serving the cultural and spiritual needs of the school’s 200 Jewish students.

    Financially-speaking, parents should not be deterred by the school’s sticker price. BC’s admission process is 100% need-blind, and the school offers very generous financial aid packages to accepted applicants with demonstrated need. And although the school’s primary discounting instrument is through need-based financial aid. BC does offer full-tuition merit scholarships to a very select group of its incoming freshmen (about 15 total). You can’t apply for it, but you can be invited by the school to interview for this prestigious and valuable award. And if you are truly an exceptional candidate with ‘Ivy League’ grades and scores, or you’ve started your own nonprofit or discovered a planet — you just might qualify.

    BC is a highly prestigious institution, and if you’re the type of student who always dreamed of big football Saturdays and still want the benefit of personal attention and small classes, and you have the grades/scores to qualify, this could be a very affordable option, perhaps less expensive than a state university, with so much more to offer.

    I was going to discuss Brandeis and Tufts in this column as well, but this is probably too long already, so I’ll save those schools for next week. By the way, if you’re confused about how a private university like BC with a $50,000 price tag school can cost you the same or less than a public school with a much smaller price tag, I’ll be explaining exactly how the economic laws of collegiate supply and demand work to create this type of price elasticity at my workshop later this month. In the interim, if you have questions, please feel free to reply to this email with them and I’ll do my best to reply in a timely fashion… I’m still on the road (heading West today – and Jill will most definitely NOT be driving).

    Dedicated to Making Your Child’s College Dreams AFFORDABLE,

    Peter

    P.S. Please feel free to share this blog to anyone with college-bound kids. They’ll thank you for it.

    P.P.S. Many thanks to Chris M, a BC Junior (and College Pete alum) and Meryl S., a Brandeis grad (and big sister to a Brandeis senior and College Pete alum) for the ‘good-eats’ recommendations!

    P.P.P.S. The local folk in Boston are a bit peeved about Ray Allen taking his talents to South Beach. I’m wearing my Miami Heat t-shirt today just to be a bother.

     

  • collegepete 8:37 pm on April 11, 2012 Permalink | Reply
    Tags: College Admissions, ,   

    The Business of College Admissions 

    Sometimes money can buy happiness.  Or at least a spot in a freshman class.

    Today, more so than in the past, parents worry about whether ‘ability to pay’ will influence their child’s  prospects at a particular college.  While I would like to reassure everyone that  with respect to schools, need-blind especially,  a family’s financial need will not be a factor in admissions, my gut (and the results of a new Harvard survey) tell me that it might be… at least a little.  This is not to suggest that money is the main driver in the admissions process – far from it at most of the more selective schools in the country.   But in these economic conditions, I cannot  wholly deny that ‘ability to pay’ is not a factor influencing some admissions decisions at some colleges.   Will a public university facing a funding shortfall look to less qualified, out-of-state, full-freight paying students?  Perhaps.  Will a private university that has already offered a $33,000.00 discount counsel a student who wants more to go elsewhere?  Sometimes.

    If you have ever heard me speak at one of my workshops, you might recall that I frequently emphasize that even ‘nonprofit’ colleges act a lot like ‘for profit’ companies in that they have business offices that must meet certain net revenue targets (aggregate and per student).  Now the results from a recent Harvard survey of 75 of the most competitive colleges seem to support my claim.

    But visit any college fair and the admissions officers at the more competitive colleges (including and especially those surveyed) will be quick to discuss their “holistic” and financially need-blind approach to admissions.  That is to say that these schools claim to consider the entire background of the candidate, not just grades, test scores and ability to pay full freight.  In my experience, this is mostly true of most colleges… most of the time.  The first ‘sort’ is about the quality of the applicant’s highschool, grades and scores — and then they consider ‘softer’ criteria such as  “fit” between the applicant and the institution, class needs, recommendations, essay, specific talent, ethnic background, and yes, even the ability to pay the bill.

    And therein lies the conflict between the admissions office, driven by the institutional values of applicant qualifications, and the business office, driven by greenbacks.  

    So what is a normal, middle class family to do?  

    One of the most important things you can do is to make sure your student’s focus remains on excelling in high school and preparing as best they can for SAT/ACT testing, while seeking schools that are the right academic and social fit based on their intellectual pursuits and avocational, or extra-curricular, interests.  I have hard evidence that if a school wants your child badly enough based on those factors, they’ll make you a financial offer that you can accept.

    You should be working on an integrated admissions strategy with your child, and help build a college list that targets a number of schools where your child is not only very likely to be admitted and be happy, but is also more likely to meet your financial needs (in a variety of ways).  In doing so, you significantly stack the odds (on admissions and affordability) in your family’s favor.  How much so?

    Well, we’re just wrapping up an admissions season that pundits are predicting will have the lowest admit rates in history.  And yet it looks as though my 12th graders are on target to have the best financial award year we’ve ever had with the average financial offer coming in at just shy of $30,000 per student (so far)  from great colleges… including all of the FL schools, as well as Brown, Harvard, Duke, Cornell, BC, Emory, RPI, USC, Brandeis, Ithaca, Northwestern and many others.  Of course, that’s not to say that there weren’t some head-scratching surprises and one or two disappointments, but all of our students got into and received financial offers from one of their choices.  I’ll be publishing our results, anonymously of course — including the annual school disslist of colleges that we feel are not living up to their marketing –  as soon as the process is finished (deposits are due on May 1).

    If it seems that what has always been a complex and competitive selection process has gotten even more so, you’d be right.  And I expect this trend to continue.  The best way to ensure your child’s success is to arm your family with the right tools for today’s college process.  If you have a current 11th grader, schools will begin accepting applications for the upcoming admissions year  on August 1st, which is why I’m offering my 5th annual College Pete’s Thick Envelope Admissions and Application Bootcamp earlier than ever.  If your child is a current junior in high school and you’d like them to get a head start on the college application process, I highly recommend this half-day intensive class.  I hope to see them there.

    Best,
    Peter

    P.S. If you’re wondering how these families are receiving five-figure tuition discounts or  how you’re going to pay for college with list prices approaching $60,000 at private schools, then you should register for one of my upcoming workshops.  It’s free to attend, but missing out on this info could cost you a fortune.

     

  • collegepete 2:00 pm on February 27, 2012 Permalink | Reply
    Tags: College Admissions, College Interview, College Tours, College Visit, , Spring Break   

    10 Tips To Getting The Most of Your College Visit 

    Just a few weeks till Spring Break (not like I’m counting)… And while the break is a time to enjoy some well-earned down time, it’s also a great time to make college visits. For starters, it is much better to visit colleges while they’re in session, when you can sit in on classes, eat in the dining halls and meet with actual students and faculty. It gives you a chance to think about whether you’ll fit in academically and socially. Take note – are the students walking around wearing shoes, for example? If they’re not, are you ok with that? Are the professors wearing shoes, and if they’re not, are you ok with that? You get the idea – checking out schools during the year gives you a far more accurate sense of the college experience. Here are 10 other ways to maximize your time on campus.

    1. Plan Ahead. Make an appointment on Destination U’s website in advance. School visits are well-choreographed marketing efforts by the admission’s officers and most schools have entire sections of their websites dedicated to ‘prospects.’ This is when the school is most interested in impressing you so this is your chance to ‘interview’ them. Take advantage of that opportunity by:

    2. Arriving early, about an hour before you’re expected. This will give you the chance to get a feel for the place without the tour guide’s personal spin. Grab the campus newspaper and a cup of coffee at the campus center. Behave like a student… try to get a sense of what other students are reading, talking about and doing.

    3. Interviewing on campus (if offered) – it will demonstrate that you are a motivated and legitimate candidate.

    4. Sitting in on the Q&A. There’s often an ‘information session’ before the tour. Don’t blow it off. And you could treat these sessions like a pseudo-interview. In fact, keep in mind that whenever you are in the Admissions office it is an opportunity to make an impression. That doesn’t mean that you should dominate the conversation or make the conversation personal… it just means it’s a chance to stand out in a more informal setting.

    5. Taking the tour. These are usually conducted by students and it is the best time for you to gather information about the social life on campus. You do not want to ask the Admissions officer about the Fraternities or the open canister policy. Direct those questions to student representatives, privately.

    6. Ditching the tour (and maybe the parents). After you’ve seen the school through the school’s eyes, you should do your own recon. If possible, audit a class. If you wind up in a small class, it’s polite to let the professor know that you are there, but you don’t have to do that in a large lecture hall. Take a walk without your parents so you can feel like a college student. Let’s face it, walking around a college campus with your parents just screams HIGH SCHOOL!

    7. Eating at the school. Partly to determine if the food is edible… but more importantly, it’s another opportunity to be where ‘real’ students congregate.

    8. Asking for positive and ‘negative’ feedback about the school. Find out what the students like about the school and what they don’t like so much.

    9. Making a ‘Specialty Appointment’. If you are in your high school band, make sure you meet the college’s band director. If you like theater, make sure you meet with someone in the performing arts department. On the swim team, meet the swim coach. And so on. These folks are going to help you get in; they can be your advocate and ally both with admissions and eventually, with financial aid. The more ‘inside’ support you have, the better!

    10. Visiting the CAREER Center. Now this is an area that is not likely to be on the ‘usual’ tour. I know it seems crazy, but you want to know in advance what sorts of resources are available for you (a) while you’re a student and then (b) in your senior year when you may be looking for a job.

    One final thought, your school visits should be well thought out, not haphazard. If you are doing a whole bunch of schools in a short time, make sure that you bring a notebook and/or your favorite handheld device and TAKE NOTES in real time. Trust me – after the first few days, things start to blur and you want to make sure you capture your initial impressions and feelings as they are happening. And finally, make sure that you send a handwritten thank you note to each and every individual whom you have met within a ‘reasonable’ time frame. Nothing you do will go further to help you stand out from an increasingly competitive and abundant applicant pool!

    If you have any additional questions about your campus visits, please feel free to email us and we’ll try to respond promptly. In the interim, enjoy the trip!

     

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